FSC Continues to Strengthen Communication and Cooperation with Supervisory Authorities of Foreign Countries
2022-05-17
May 17, 2022
FSC Continues to Strengthen Communication and Cooperation with Supervisory Authorities of Foreign Countries
Taiwanese banks have overseas bases in the Asia Pacific, Europe, the United States, and Africa. As of the first quarter of this year (2022), they have set up 632 overseas branches (including branches, subsidiaries, and representative offices), including 21 subsidiary banks, 153 branches, 29 sub-branches, 55 representative offices, and 343 branches (sub-branches) of subsidiary banks. To support the overseas expansion of Taiwanese banks and enhance supervisory cooperation with different countries, the Financial Supervisory Commission (hereinafter referred to as the “FSC”) has signed memorandums of understanding, convened bilateral and telephone conferences, and organized international conferences of banking supervisors to maintain communication with supervisory authorities of host countries and establish a supervisory cooperation basis for mutual trust and timely sharing of information.
Although it has been difficult for the FSC to communicate face-to-face with the financial supervisory authorities of various countries due to the impact of the global COVID-19 pandemic in the past two years, the FSC not only communicated on financial supervisory affairs through letters and telephones, etc. but also took part in international video conferences to exchange views and share experiences with financial supervisory authorities of different countries on the latest issues of international concern, including measures for responding to the COVID-19 pandemic, network and technology risks, climate, and the environment.
The FSC stated that it will continue to actively participate in the activities of international financial supervisory organizations and at the same time promote communication and cooperation with foreign supervisory authorities. The FSC continues to pay attention to international supervision trends and financial development issues to ensure the safety and order of the domestic financial activities, strengthen the efficiency of the domestic financial system, and contribute to the stability of global and regional financial markets.
FSC Continues to Strengthen Communication and Cooperation with Supervisory Authorities of Foreign Countries
Taiwanese banks have overseas bases in the Asia Pacific, Europe, the United States, and Africa. As of the first quarter of this year (2022), they have set up 632 overseas branches (including branches, subsidiaries, and representative offices), including 21 subsidiary banks, 153 branches, 29 sub-branches, 55 representative offices, and 343 branches (sub-branches) of subsidiary banks. To support the overseas expansion of Taiwanese banks and enhance supervisory cooperation with different countries, the Financial Supervisory Commission (hereinafter referred to as the “FSC”) has signed memorandums of understanding, convened bilateral and telephone conferences, and organized international conferences of banking supervisors to maintain communication with supervisory authorities of host countries and establish a supervisory cooperation basis for mutual trust and timely sharing of information.
Although it has been difficult for the FSC to communicate face-to-face with the financial supervisory authorities of various countries due to the impact of the global COVID-19 pandemic in the past two years, the FSC not only communicated on financial supervisory affairs through letters and telephones, etc. but also took part in international video conferences to exchange views and share experiences with financial supervisory authorities of different countries on the latest issues of international concern, including measures for responding to the COVID-19 pandemic, network and technology risks, climate, and the environment.
The FSC stated that it will continue to actively participate in the activities of international financial supervisory organizations and at the same time promote communication and cooperation with foreign supervisory authorities. The FSC continues to pay attention to international supervision trends and financial development issues to ensure the safety and order of the domestic financial activities, strengthen the efficiency of the domestic financial system, and contribute to the stability of global and regional financial markets.
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Update：
2022-05-26